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September 20, 2010 at 08:00 PM
Many clients realize they need life insurance. In fact, 70 percent of women and 62 percent of men believe that life insurance is a necessity and that all adults should have it, according to research by LIMRA. But if people think it’s so valuable, why do so many prospects postpone the purchase?
One factor is the “two birds in the bush” syndrome.
In other words, your clients already have a good offer, probably a nice policy that you drew up for them – a “bird in the hand.” But they want to hold off for that distant time in the future, when they imagine paying much less for the same coverage – the “two birds in the bush.”
Smokers plan to quit. Those with high BMIs hope to shed a few pounds. Diabetics want better results on their next blood test. Mountain climbers hope to get their next trip out of the way.
But this strategy ignores the fact that there are many other factors that your clients cannot control. Other new risk factors could emerge during the same time it would take to quit smoking, obtain a better A1C, lose weight, or climb a mountain.
For example, the client could develop another medical condition. They could find a new and better job, but with concomitant foreign travel. They could injure themselves on that mountain climb, and wind up with a chronic condition which will affect their rate.
